Adviser at odds with Royal London over guaranteed annuity rate request

Unnecessary delays

Sophie King
clock • 5 min read

Royal London has received criticism from an adviser after responding to a request for a guaranteed annuity rate that culminated in several delays of multiple weeks, and it has been dubbed an “utter waste” of time and money.

Chartered financial planner Darren Cooke's client was under an old Cooperative Insurance Society (CIS) plan, which rebranded to Royal London in 2013, and includes a guaranteed annuity rate (GAR). For his client, Cooke said, the GAR was perfect. The client is single, has no kids and is in reasonable health for a 65-year-old. Red Circle Financial Planning's Cooke put in a request to accept the GAR. However, Cooke said this was where the problems began. The first issue raised was the maturity pack, which was sent out twice, and did not show the correct income due based on the GAR. Royal Lon...

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